Trial Balance for the year ended 31 may 2018
	Debit	Credit
Intangible Assets - Player registration	120,000
Tangible Assets	1,000,000
Trade Receivables	650,000
Cash at Bank	1,500,000
Trade Creditors		250,000
Share Capital		600,000
Share Premium		100,000
Reserves		50,000
Retained Profits		150,000
Loan		200,000
Revenue		3,500,000
Stock/Inventory at start - 1 June 2017	12,000
Purchases	82,000
Staff and Player Wages	1,074,000
Depreciation and Amortization	240,000
Other Operating Expenses	172,000
Total	4,850,000	4,850,000
Closing Inventory - 31 May 2018	10,050

Please complete except part c

Required

a) Prepare a Statement of Profit or Loss for the Year Ended 31 May 2018

b) Prepare a Statement of Financial Position as of 31 May 2018

c) When Preparing the Statement of Profit and Loss Account (Income Statement) and the Statement of Financial Position (Balance Sheet) the accrual-based accounting approach is used while the cash based approach is adopted when preparing the statement of Cash flow

1. Define the accruals based approach

2. Define the cash-based approach

3. Explain the benefits of both the accruals and cash-based approach to preparing financial statements for external stakeholders